The post Solana Poised For $400-500 Upside As Analyst Spots Wave 5 Formation appeared on BitcoinEthereumNews.com.

Solana (SOL), one of the largest digital assets in the market by market capitalization, has been in a period of price consolidation, oscillating between the $140 and $150 price range. This period follows a significant drop that saw SOL plummet to $109 on August 5th, with a modest recovery since then.  However, despite its resurgence, Solana has struggled to break above upper resistance levels, reflecting a pattern reminiscent of Bitcoin’s (BTC) price movements for the past week. Solana Price Forecast According to crypto analyst “XForce,” Solana is currently positioned in a way that is strikingly similar to Bitcoin’s price action, just on a different scale.  The analyst contends that Solana is likely in the midst of a “wave 4” consolidation phase and is poised to enter a “wave 5” that could potentially double its current all-time high of $259, reached during the November 2021 bull run.  This would imply a price target of approximately $400-$500 for Solana at the top of this market cycle, which could represent a price increase of nearly 250% from current market levels. However, the analyst also warns that in the near term, Solana could experience a deeper correction, with targets potentially as low as a 22% drop to $110 or even a sharper decline to the $75 mark. This scenario is based on the analyst’s belief that Solana could enter in a “wave Y” correction. Bearish Pattern Emerge, Threatening $100 Support Adding to the technical analysis, Ali Martinez has recently spotted a potential head and shoulders pattern forming on Solana’s hourly chart. This pattern suggests that a breach below the $141 level could trigger a correction, sending Solana down to the $122 range.  This level is of particular importance for Solana bulls, as a breach below $141 could potentially jeopardize the token’s year-to-date macro uptrend,…

---

Filed under: News - @ August 15, 2024 7:21 am